Inside and Outside Liquidity

ISBN-10: 0262518538

ISBN-13: 9780262518536

Edition: 2013

Authors: Bengt Holmstr�m, Jean Tirole

List price: $25.00 Buy it from $10.99
30 day, 100% satisfaction guarantee

If an item you ordered from TextbookRush does not meet your expectations due to an error on our part, simply fill out a return request and then return it by mail within 30 days of ordering it for a full refund of item cost.

Learn more about our returns policy


Why do financial institutions, industrial companies, and households hold low-yieldingmoney balances, Treasury bills, and other liquid assets? When and to what extent can the state andinternational financial markets make up for a shortage of liquid assets, allowing agents to save andshare risk more effectively? These questions are at the center of all financial crises, includingthe current global one. In Inside and Outside Liquidity, leading economists BengtHolmström and Jean Tirole offer an original, unified perspective on these questions. In a slight,but important, departure from the standard theory of finance, they show how imperfect pledgeabilityof corporate income leads to a demand for as well as a shortage of liquidity with interestingimplications for the pricing of assets, investment decisions, and liquidity management. Thegovernment has an active role to play in improving risk-sharing between consumers with limitedcommitment power and firms dealing with the high costs of potential liquidity shortages. In thisperspective, private risk-sharing is always imperfect and may lead to financial crises that can bealleviated through government interventions.
Used Starting from $10.99
what's this?
Rush Rewards U
Members Receive:
You have reached 400 XP and carrot coins. That is the daily max!
Study Briefs

Limited time offer: Get the first one free! (?)

All the information you need in one place! Each Study Brief is a summary of one specific subject; facts, figures, and explanations to help you learn faster.

Add to cart
Study Briefs
Periodic Table Online content $4.95 $1.99
Add to cart
Study Briefs
Calculus 1 Online content $4.95 $1.99
Add to cart
Study Briefs
SQL Online content $4.95 $1.99
Add to cart
Study Briefs
MS Excel® 2010 Online content $4.95 $1.99
Customers also bought

Book details

List price: $25.00
Copyright year: 2013
Publisher: MIT Press
Publication date: 1/11/2013
Binding: Paperback
Pages: 264
Size: 6.00" wide x 9.00" long x 0.75" tall
Weight: 0.792
Language: English

Bengt Holmstr�m is Paul A. Samuelson Professor of Economics at MIT, where he was Head of the Economics Department from 2003 to 2006.

Jean Tirole, the 2014 Nobel Laureate in Economics, is Scientific Director of IDEI (Institut d'Economie Industrielle), Chairman of the Board of TSE (Toulouse School of Economics), and Annual Visiting Professor of Economics at MIT.

Prologue: Motivation and Roadmap
Basics of Leverage and Liquidity
A Simple Model of Liquidity Demand
Complete Markets
Aggregate Liquidity Shortages and Liquidity Premia
A Liquidity Asset Pricing Model (LAPM)
Public Provision of Liquidity
Public Provision of Liquidity in a Closed Economy
Liquidity Provision with Access to Global Capital Markets
Waste of Liquidity and Public Policy
Financial Muscle and Overhoarding of Liquidity
Specialized Inputs and Secondary Markets
Epilogue: Summary and Concluding Thoughts on the Subprime Crisis
Free shipping on orders over $35*

*A minimum purchase of $35 is required. Shipping is provided via FedEx SmartPost® and FedEx Express Saver®. Average delivery time is 1 – 5 business days, but is not guaranteed in that timeframe. Also allow 1 - 2 days for processing. Free shipping is eligible only in the continental United States and excludes Hawaii, Alaska and Puerto Rico. FedEx service marks used by permission."Marketplace" orders are not eligible for free or discounted shipping.

Learn more about the TextbookRush Marketplace.